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Commercial Property News
Standard Life invests in Tesco commercial property
Standard Life Investments has completed its second acquisition of Tesco commercial property.
The firm has purchased a Tesco Extra site in Shrewsbury as part of a sale and leaseback from Tesco Stores, with a guarantee for £46.06 million.
It made the business property investment on behalf of its Pooled Property Pension Fund and fund manager Mike Hannigan explained that the deal is "an extremely attractive investment in these times where there are still inherent risks to funds from tenant weakness".
Standard Life Investments will receive a net initial yield of 5% from the building, which is one of the first designed to meet Tesco's eco standards and have a small carbon footprint.
The store is the Tesco Extra to be bought by the firm this year, as it completed the purchase of a branch in Irlam in January.
Standard Life Investments is based in Edinburgh, but also has offices in cities such as London, Sydney and Boston.
The firm has purchased a Tesco Extra site in Shrewsbury as part of a sale and leaseback from Tesco Stores, with a guarantee for £46.06 million.
It made the business property investment on behalf of its Pooled Property Pension Fund and fund manager Mike Hannigan explained that the deal is "an extremely attractive investment in these times where there are still inherent risks to funds from tenant weakness".
Standard Life Investments will receive a net initial yield of 5% from the building, which is one of the first designed to meet Tesco's eco standards and have a small carbon footprint.
The store is the Tesco Extra to be bought by the firm this year, as it completed the purchase of a branch in Irlam in January.
Standard Life Investments is based in Edinburgh, but also has offices in cities such as London, Sydney and Boston.
Thu, 11th Mar 2010